Little more than seven years have passed since Rafael Benítez bade Valencia a
tearful farewell. To those fans he left behind, it must seem like a lifetime
so much has the club endured since then.

As he departed, Benítez issued his famous broadside at the club’s board — “I asked for a sofa, they bought me a lamp” — to explain to heartbroken supporters why he was leaving the team he had crafted to smash Barcelona and Real Madrid’s duopoly, and those fans could sympathise with him. Now, such matters would seem trivial.

Benítez’s departure marked the end of the most successful period in Valencia’s history, a half-decade encompassing two Champions League finals, two Spanish titles and a Uefa Cup, and heralded the dawn of darkness. Juan Soler’s disastrous presidency left the club drowning in debts worth more than £500million, with £200million wasted on mediocre players and a half-finished, 75,000-capacity stadium in the suburb of Benicalp, now no more than a white elephant, evidence of his folly.

The club almost crumbled under the weight of the debt, only saved by former finance director Manuel Llorente and a deal he struck with Bancaja, the city’s largest bank, to refinance their overdrafts. The future was secured, but it came at a cost: every year, Valencia would be condemned to begin again.

This is a club which does not mourn departed idols. Juan Mata only left this summer, for Wednesday night’s Champions League opponents, Chelsea, and even he has been condemned to memory. There is no room for sentiment in a fight for survival – except when your former hero returns.

Benítez was afforded a standing ovation on his first return to Mestalla since his departure for Liverpool in 2004 when he attended Valencia’s 2-2 draw with Barcelona last week.

“It was really important for me to be able to go back,” says Benítez. “I was very proud to be honoured by the club and by the fans. I had lunch with the manager, Unai Emery, talking about how things are there. He is confident they can keep on doing well, competing with Real Madrid and Barcelona, and that is great to see.”

Given the circumstances, it is a minor miracle. Even amid the basket-case economics of Spanish football, Valencia stand alone as the credit crunch club. But Benítez sees hope.

“They have a good, young team,” says Benítez, speaking ahead of the launch of the Montse Benítez Charitable Foundation. “The new chief scout [Braulio Vázquez] has found hungry, young players who will settle into the city and can play in the right way. None of them are too expensive, because the economy of the club is still quite difficult.

“Unai has been there for four years now and is doing a good job. They have the continuity which comes with working with the same manager, and that helps them have a good team every year, even though, every year, they have to sell their best players.”

Last summer, it was David Villa, David Silva and Raul Albiol, departing for Barcelona, Manchester City and Real Madrid. This summer, Mata joined them, moving to Stamford Bridge. Four World Cup winners, all departed. All sacrificed so that the club might survive. The debts are down — they now stand at around £340million — but they are not gone. The policy will continue.

Next summer, it might be Roberto Soldado, the prolific striker. Or it might be Jordi Alba or Pablo Hernandez, Emery’s lightning-quick wingers. It might be the schemer Pablo Piatti, newly acquired from Almeria, or Daniel Parejo, once of QPR, or Adil Rami, the man tasked with stopping Fernando Torres tonight. Valencia will sell a star every summer, and start again.

The present , though, is not so bad: they are just two points off the lead in La Liga, after an impressive start, and Benítez has no fears for his former club this evening.

“They will have a lot of respect for Chelsea, because their pedigree is so good,” he says. “But they will play offensively. That is the way they have to play, with the young players that they have got. They can be a surprise for anyone — they can play in a 4-2-3-1, or a 4-3-3, or even with three at the back.

“Whatever system Unai goes with, they have to attack them. That is the only way they play. And getting to the last 16 of the Champions League is really important for the club. The further they go, the more money they earn.”

And the more money they earn, the sooner the future is safe.

For details of the Montse Benítez Charitable Foundation, as well as tactical analysis of a number of Champions League games, visit www.rafabenitez.com